The Asymmetric Effect of Credit Supply on Firm‐Level Productivity Growth
利用意大利企业-银行匹配数据，研究发现信贷供给收缩会损害全要素生产率增长，而正向冲击影响有限，表明金融稳定对维持生产率增长至关重要。
Abstract We study the impact of bank credit on firm productivity. We exploit a matched firm‐bank database, covering all the credit relationships of Italian corporations, to measure idiosyncratic supply‐side shocks to credit availability and estimate a production model augmented with financial frictions. We find the effect of credit supply to be asymmetric: contractions harm TFP growth, halting productivity‐enhancing activities; positive credit supply shocks have limited effects. This points toward a role of financial stability in preserving productivity growth.